Recent numbers show an alarming trend that's coming your way like a tidal wave and it's time to start preparing for it.
A Household Word
According to AARP, more than 7,000 people will turn 65 every day in 2011 - totaling 2.5 million eligible retirees by year's end. And that's just the beginning: the Baby Boom Generation will move into retirement age during the next couple of decades.
Although some workers will delay retirement and continue to work past age 65, a large portion of the workforce will check out. Retirement - early, planned, or somewhere in between - will become a mainstream topic. Preparing your business and staff for this change will ease your transition.
How It Effects Your Company
Losing an experienced employee can disrupt business, cause difficulties and lead to lost productivity and revenue.
"Organizations that fail to understand the complexities or recognize the opportunities associated with an aging work force may risk their ability to stay competitive," says Jeri Sadler, senior advisor to The Conference Board. "As more companies feel the pain of knowledge losses caused by retirements in key businesses or functions, those not planning ahead and leveraging their mature work force will be scrambling."
Six Ideas to Plan for a Retiring Culture
Here are six ways you can prepare for the retiring boom:
- Reduce your risk by keeping up-to-date on the latest HR laws and regulations
- Make sure that you have the ability to fill any mid-level positions or senior-level positions that may become vacant
- Educate your employees on the advantages of taking part in retirement planning, so they're prepared in advance
- Work toward employee knowledge sharing, so that no one person has total control of all client or company information
- Encourage work environments that welcome cross-generational cohesiveness
- Promote ongoing training for all employees
With proper planning, you'll be able to ride out the wave and support existing - as well as exiting - staff, while keeping your business losses to a minimum.